As efforts to flatten the contagion curve of coronavirus close businesses and schools across the country, many people are watching their paychecks disappear, their investments fall, and their sense of security slip away. The IRS is aware of the intense effect the coronavirus is having on families, and to help; the agency has ... Read More
Tax Credits & Deductions
Will Your Hurricane Damage Qualify for a Tax Write Off?
There’s no question that this hurricane season has seen some of the most destructive storms to ever hit U.S. shores. Together, Harvey, Jose, Nate and Irma have taken hundreds of lives wiped out thousands of homes and businesses and left many cities completely uninhabitable. The destruction has been devastating to millions of ... Read More
IRS Increases Standard Mileage Rate for 2015
Using your vehicle for business purposes can add up to a big deduction at tax time if you're able to write off some of the cost. Taxpayers can choose between using the actual expense method or the standard mileage rate to figure out how much the deduction is worth. Since claiming actual expenses tends to be a little more ... Read More
Tax Differences College Palsn: 529 Plan vs. Coverdell ESA
Millions of students are heading off to college and that collective groan you hear is the sound of parents who are scrambling to figure out how to handle the cost. While scholarships and grants can ease some of the burden, the demand often outstrips the supply of funding. Loans are another alternative but as the current student ... Read More
How the Advance Premium Credit Could Have You Owing More in Taxes
Unless you're totally out of the loop, you know that the Affordable Care Act now requires Americans to have health insurance or risk facing a tax penalty. To cut down on the number of uninsured, the federal government opened the Healthcare Marketplace in October 2013 to make finding affordable coverage easier. A new Premium Tax ... Read More
Volunteering This Summer? Here are Some Tax Deductions
Summer is a great time to get out and do some good in your community, or around the world if you're feeling a bit more adventurous. While the satisfaction of helping others is the best reward for volunteering, you may also reap some financial benefits in the form of a tax deduction. While the IRS doesn't allow you to deduct the ... Read More
3 Important Tax Planning Tips for Parents of College Students
Paying for college can be a parent's worst financial nightmare, especially as increases in tuition rates continue to outpace inflation. There is an upside, however, since there are certain tax breaks available if you're covering some or all of your child's education expenses. If your budget's feeling the pinch, here are some tax ... Read More
Save on Wedding Expenses With These Tax Breaks
Wedding season is underway and if you're planning on getting hitched this summer you may experience a severe case of sticker shock. According to TheKnot.com, the average cost of a wedding in 2013 was $29,858 and that's without the honeymoon. Stretching your dollars may require a little creativity if you don't have a lot to ... Read More
6 Tax Credits and Deductions You Can’t Afford to Overlook
Tax season is in full swing and if you haven't filed yet, now's the time to get started. Whether you're looking to reduce what you owe to the IRS or net a bigger refund, you'll want to make the most of the tax benefits that are available. If you're not claiming all the tax credits and deductions you qualify for, you could be ... Read More
4 Ways to Lower Your 2013 Taxes Before You File
Thanks to several new measures in the tax code, some Americans may find themselves owing more to Uncle Sam this year. Two of the most important changes to take effect are the 39.6% tax bracket, which affects high-income earners and the 3.8% surtax on net investment income. There's also a 0.9% Medicare surtax that now affects ... Read More
2013 Holiday Tax Deduction Guide to Charitable Donations
The holiday season is in full swing and it's that time of year when everyone is encouraged to help others in need. Giving back can make a positive impact in your community and it can also pay off big at tax time in the form of a tax deduction. If you're planning to do some charitable giving before the new year, here are a few ... Read More
Obamacare Premium Tax Credit: What Is It and Who Qualifies?
Unless you've been living under a rock, you know that most Americans will be required to have health insurance starting in 2014, thanks to the Affordable Care Act. The Department of Health and Human Services estimates that on average, Americans will pay $328 per month for individual health care coverage next year. If you're ... Read More
